Denmark Plans Offshore Wind Tender With Up to $8.3 Billion Subsidy
Denmark will launch offshore wind tenders with a capacity of three gigawatt (GW), enough to power three million homes, its energy ministry said on Monday, offering subsidies to developers of up to 55.2 billion Danish crowns ($8.32 billion).The three tenders will open in the autumn this year and cover two areas in the Danish North Sea and one in the waters separating Denmark from Sweden.Two tenders will close in spring 2026 and one in the autumn of 2027, with completion expected by 2032 and 2033 respectively.The offshore wind industry has grappled with skyrocketing costs, higher interest rates and supply chain bottlenecks, prompting
Denmark Plans to Offer Up to $8.3 Billion in Subsidies for Offshore Wind
Denmark's energy ministry announced on Monday that it will offer offshore wind tenders for a maximum of 3 gigawatts (GW), which is enough to power up to three million homes. The subsidies offered to developers could reach as much as $55.2 billion Danish crowns (8.32 billion dollars). Three tenders are scheduled to open this autumn, covering two areas of the Danish North Sea as well as one area in the waters between Denmark and Sweden. The two tenders are expected to close in spring 2026, and the other in autumn 2027. Both will be completed by 2032 or 2033.
European stocks close higher for the fourth day in a row; US inflation data is assessed
The European stock market ended Tuesday slightly higher, with investors assessing mixed corporate results and the fading of positive momentum fuelled by a soft U.S. reading on inflation, along with a truce between the Sino-U.S. Trade spat. The STOXX 600 index, which covers the entire continent, closed at 0.1%, its highest level since March. This is its fourth session in a row of gains. The report was positive in the U.S. but caution was warranted as it did not yet capture the impact that President Donald Trump’s tariffs had on the economy.
Vestas: US Import tariffs Will Raise Domestic Electricity Prices
President Donald Trump's import tariffs will ultimately result in higher electricity prices for U.S. consumers, wind turbine maker Vestas warned on Tuesday, adding it could not absorb the extra costs.Wind turbines include components and materials sourced globally, making the sector vulnerable to potential impacts from international trade tariffs."Ultimately, the tariffs will go in and be part of an increased cost to the projects and therefore it will lead to an increased price in electricity," Vestas CEO Henrik Andersen told Reuters.Denmark's Vestas…
Copenhagen Infrastructure Partners closes third offshore wind project with Taiwan
Copenhagen Infrastructure Partners, a clean energy fund manager, announced on Wednesday that it had reached financial closure on its 495 Megawatt (MW), Fengmiao I Wind Project, located off the coast Taichung in Taiwan. CIP announced that Fengmiao 1, its third offshore wind farm in Taiwan, would be built by local and international suppliers with proven track records. CIP reports that Danish wind turbine manufacturer Vestas will provide 33 units of their latest 15MW turbines for Fengmiao I. Vestas supplies turbines to CIP’s two existing projects.
Ukraine looks for investment in Davos to recover from the recession as Trump calls for peace
While U.S. president Donald Trump called for an end to the three-year war and Ukraine's President discussed peacekeeping forces, Ukrainian officials courted private investors to help rebuild their country this week. Oleksiy Sbolev is the first deputy minister of economy. He described a $500-billion reconstruction project that would bring both financial and strategic dividends to Western Investors, while Kyiv intensifies its privatisation plans in order to attract foreign investment. Sobolev, speaking on the sidelines the World Economic Forum annual meeting in New York City, described recent successes with smaller privatisations.
Wind stocks in Europe suffer after Trump labels turbines as 'garbage.'
The European wind power sector fell Wednesday, after Donald Trump, the U.S. president-elect said that he would work to make sure "no new windmills" were built under his watch. He also criticized the sector just two weeks before taking office. Trump's latest attack on the industry has investors worried about the future of the U.S. Wind Market, which is the second largest in the world after China. This could cause companies that have invested in it to sell. Shares of the two largest offshore wind farm developers in the world - Denmark's Orsted…
Rosatom, a Russian company, has opened a new wind turbine blade manufacturing facility to replace Vestas.
The governor of Russia’s Ulyanovsk Region said that Rosatom, the state nuclear corporation of Russia, has opened a factory for wind turbine blades at the site of an old Vestas plant. Vestas, a Danish wind turbine manufacturer that produces blades for wind farms near Ulyanovsk, closed the plant in 2022. It left Russia 2023 with all its assets. After the start of the conflict in Ukraine the sanctions imposed by the West on Russia have isolated Russia from Western technologies, components and the renewable energy sector.
Iberdrola Gets Portugese Nod for Wind Farm Start
Iberdrola has received a production license from the Portuguese Directorate-General for Energy and Geology of Portugal (DGEG), taking another step towards the construction of the largest wind farm in Portugal.Located in the districts of Vila Real and Braga, in northern Portugal, with a total investment of around €350 million, this project reinforces Iberdrola's commitment to environmental goals, being the first to combine wind and hydro energy. This implies sharing of the connection point and the evacuation line of electricity produced…
Winds of Change Blew Through Offshore Wind, and Denmark Missed It
Analysts said that the failure of Denmark to receive any bids for an offshore wind energy tender this week is due to a rigid auction system, a failure adapt to a changing economic reality and increased competition.It was a major blow for Denmark, the home of turbine manufacturer Vestas, and offshore developer Orsted. Both companies have been pioneers in both onshore and offshore wind power.The Danish North Sea tender, for a minimum of 3GW of capacity, did not offer any subsidies. Instead, it invited competition for payments to be made over 30 years by the state.
No Subsidies, No Bids: Denmark Largest Offshore Wind Tender Falls Flat
In the wake of Donald Trump's election as U.S. President, all eyes have been trained on the U.S. Offshore Wind market and future, with his promise to stifle the U.S. Offshore Wind market in favor of oil and gas. But a recent lackluster performance from a leading Scandinavian country suggests the slow down in offshore wind energy projects may be spreading.Denmark's latest offshore wind farm tender in the North Sea has failed to attract any bids, authorities said on Thursday, in a further setback for the industry.After a year of challenges…
Vestas CFO steps down; shares fall 5%
Vestas, a Danish company, announced on Wednesday that its Chief Financial officer Hans Martin Smith would step down at the end of the year. The company has already begun searching for his successor. This news sent its shares down 5,5% in the early trading. Last month, the wind turbine manufacturer reported a lower-than-expected core profit for its third quarter. It also warned that its profit margin would be likely at the lower end its forecast range for the year due to increased costs and warranty provisions. Vestas CEO Henrik Andersen stated, "I understand the decision to try something else after 20 years at Vestas.
Change of Ørsted Region Americas CEO
Ørsted announced today that David Hardy, Group EVP and CEO Americas, has decided to leave the company to join GE Vernova as Chief Commercial Officer, Wind. He will step down from his position effective November 30.The search for a successor Region Americas CEO is well underway. In the interim period, Ørsted's Chief Commercial Officer and Deputy CEO, Rasmus Errboe, will guide and support the experienced senior leadership team in the U.S. market.Mads Nipper, Group CEO, says, “I want to thank David for his five years with Ørsted.
Nordex's core profit margin for 2024 is at the upper end of its guidance range
Nordex, a manufacturer of wind turbines, said on Thursday that it expects its core profit margin for the full year to be at the upper end of its previous guidance range between 3-4%. This is due to continued growth in its third quarter earnings. The wind power industry is facing increasing headwinds due to Donald Trump's win in the U.S. Presidential election, right-wing sentiments across Europe and competition from China. Nordex, however, is still enjoying a good order flow thanks to a robust demand for its products in Europe and other core regions.
European clean energy stocks fall as Trump wins the presidency
After Donald Trump's election as president of the United States on Wednesday, shares in European clean-energy groups plunged. Investors were worried about a possible dismantling by the United States of its support for renewables. Trump pledged to cancel offshore wind projects via an executive order his first day of office, and roll back climate regulations that were implemented by President Joe Biden. This includes withdrawing from the Paris Agreement where countries commit to limit global heating and possibly undoing Biden’s Inflation Reduction Act which provides massive incentives and subsidies to clean energy technologies.
Vestas operating profit for the third quarter is below forecast
Vestas is the largest wind turbine manufacturer in the world. On Tuesday, it reported lower-than expected third-quarter profits and stated that its operating profit margin for this year will be at the lower end. In its earnings report, the company said that the higher costs in Europe, Middle East, and Africa (EMEA), and the United States were the main reasons for the lower margin. Operating profit before special item rose from 70 million euros a year ago to 235 millions euros, falling short of the 352million euros predicted by 25 analysts who took part in a survey compiled by the firm.
Companies call on world leaders to meet renewable energy targets
On Monday, executives from major companies urged leaders to implement an international agreement made at the COP28 Summit in Dubai last year to triple renewable energy capacity by 2030, to combat climate change. The statement was made at a side event to the United Nations Climate Week, in New York. Companies like Amazon.com, a massive energy user and power producers such as Vestas and Iberdrola were among those who issued it. The United Nations has called for countries to submit their national climate plans, due to be presented to the U.N.
Denmark's North Sea Energy Island is again delayed by high costs
A government minister announced on Wednesday that Denmark would delay construction by at least three years of the planned North Sea Energy Island to provide renewable energy to three million European homes. The delay is due to rising costs and interest rates. Energy Minister Lars Aagaard said that the projected investment exceeded 200 billion Danish crowns (29.81 billion dollars) and required about 50 billion crowns of state support. Energy Minister Lars Aagaard declined to reveal how much the costs had risen from initial projections. Denmark had announced, just over a year before, that the project was being delayed due to cost.
Vestas Q2 loss increases, but the wind turbine unit turns a profit
Vestas, a Danish company, reported on Wednesday that its second-quarter loss had more than doubled from a year earlier. However, a focus on high-priced wind turbine projects has helped the division to return to profitability. The world's largest wind turbine manufacturer cut its profitability forecast for the full year, citing increased costs in its services business. It also warned of a loss in the second quarter. Vestas announced a loss for the second quarter in a row of 185 millions euros ($203.61) compared to a loss of 70millions dollars a year earlier. Vestas surveyed analysts before releasing the preliminary figures.
Vestas reduces its full-year profit forecast as rising costs bite
Vestas is the largest wind turbine manufacturer in the world. On Monday, it warned of a loss for the second quarter and cut its revenue and profit forecasts for the year. The company's stock fell 5%. Vestas said that its service business, which is usually a bright point, would take a hit of 300 million euros ($327.63) in the second quarter due to sustained inflation, an increase in repairs and upgrades, as well as operational inefficiencies. The company now expects an operating profit margin for the full year of 4-5%, compared with 4-6% previously.
